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Natural gas

Cyprus' Energy Potential Reaffirmed with New Gas Discovery

Strategic Insights

— 1 min read

President Nikos Christodoulides announced Monday that Cyprus' exclusive economic zone (EEZ) has yielded another significant natural gas discovery, located in offshore Block 10. The 'Pegasus-1' well, drilled by a consortium of ExxonMobil and QatarEnergy, has indicated approximately 350 metres of gas-bearing reservoir. This new finding follows the successful completion of drilling operations and is the second gas discovery in Block 10, reaffirming Cyprus' energy potential and encouraging the government to continue advancing its energy plans.

Key Takeaways:

  • The 'Pegasus-1' well, located approximately 190 kilometres offshore southwest of Cyprus, indicated approximately 350 metres of gas-bearing reservoir.
  • The well was safely drilled in 1,921 metres of water by the 'Valaris DS-9' drillship.
  • This is the second gas discovery made in Block 10 by ExxonMobil and QatarEnergy, following the discovery at the 'Glaucus-1' well in February 2019.
  • The 'Glaucus-2' appraisal well, completed in March 2022, confirmed the existence of high-quality gas-bearing reservoir.
  • President Christodoulides expressed his commitment to expediting energy plans, emphasizing the importance of exploiting Cyprus' natural resources for the benefit of its people, region, and the EU.
  • The gas discovery in Block 10 highlights the significant energy potential of Cyprus and supports the government's plans to advance energy development in the country.

Statistics:

  • Approximately 350 metres of gas-bearing reservoir were identified in the 'Pegasus-1' well.
  • The 'Valaris DS-9' drillship drilled the well in 1,921 metres of water.
  • The 'Glaucus-2' appraisal well confirmed the existence of high-quality gas-bearing reservoir in March 2022.
  • The '$Glaucus-1' well was announced to have discovered gas reserves in February 2019.
  • The 'Pegasus-1' well is located approximately 190 kilometres offshore southwest of Cyprus.

Sources:

  • [1] Presidency of Cyprus, as stated on X.
  • [2] Government Spokesperson, Konstantinos Letymbiotis, written statement.
  • [3] ExxonMobil Exploration and Production Cyprus (Offshore) Limited and QatarEnergy International E and P LLC consortium statement on the 'Pegasus-1' discovery.

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